VHH

Construction

Công ty Cổ phần Đầu tư Kinh doanh nhà Thành Đạt

Xây dựng và Vật liệuCT

2.800

VND · Last close

Valuation Verdict

Overvalued

Low

-120%Fair Value+120%

Intrinsic Value

703

Current

2.800

Gap

-74.9%

ModelEV EBITDA DCF BLEND

Valuation Breakdown

CT→Xây dựng và Vật liệu→Construction

Classified as construction because ICB sector "Xây dựng và Vật liệu" maps to the construction group

ModelEV/EBITDA + DCF Blend

Intrinsic = 50% x EV/EBITDA Value + 50% x DCF Value

Construction and industrial firms have characteristics of both cyclical businesses (lumpy project-based revenue) and growth companies (expanding order books). This model blends two approaches 50/50: EV/EBITDA valuation (captures current earning power relative to peers) and FCF-based DCF (captures future cash generation potential). If EV/EBITDA produces a negative value (debt exceeds enterprise value), only DCF is used.

Weighted Avg Cost of Capital

Risk-Free (Rf)

4.50%

Betasector default

1.100

ERP

4.25%

CRP

2.75%

Cost of Equity (Ke)

12.20%

E/(D+E)

34.26%

Kd(1-t)

6.40%

D/(D+E)

65.74%

WACC

10.00%

Growth Estimate

Sector Default3.00%

Growth decays 12%/yr toward terminal

Model Inputs

Valuation

50%EV/EBITDA Value

—

50%DCF Value

703

Blended Intrinsic

703

Value Decomposition

35%

65%

Explicit period (35%)Terminal value (65%)

Valuation Track Record

Retroactive intrinsic value vs actual close price — VHH

Earnings Quality

Fiscal year 2024

Weak

Accrual QualityLow accruals vs reported earnings

Cash ConversionOperating cash flow vs net income

ReceivablesDSO trend vs revenue growth

100

Margin StabilityConsistency of profit margins

Revenue QualityConsistency of revenue growth

Financial Forensics

Beneish M-Score · 2021

-2.83

Low Risk

DSRI

0.942

GMI

0.821

AQI

0.913

SGI

1.131

DEPI

1.052

SGAI

0.959

TATA

-0.056

LVGI

1.106

VHH exhibits several concerning indicators, particularly with a Beneish M-Score of -2.8304, suggesting potential earnings manipulation. While the earnings quality score of 51.5 indicates some strengths, the low cash conversion and revenue metrics raise significant red flags.

Red Flags

Beneish M-Score of -2.8304 indicates potential earnings manipulation, significantly below the threshold of -1.78.
Earnings quality cash conversion score of 40.0/100 suggests poor cash flow relative to earnings, which could indicate aggressive accounting practices.
Revenue quality score of 0.0/100 raises concerns about the sustainability and recognition of revenue.

Positive Signals

DSRI of 0.9418 indicates that the company is managing its receivables effectively, potentially reducing the risk of bad debts.
High receivables quality score of 100.0/100 suggests strong management of accounts receivable.

Ownership Risk

The ownership structure is heavily concentrated, with the top two institutional shareholders holding 58% of shares, which could lead to governance risks and potential conflicts of interest.

Recommendation

Investors should exercise caution and closely monitor VHH's financial disclosures and cash flow statements. Consider waiting for clearer signs of improved earnings quality and transparency before making investment decisions.

Generated by AI based on quantitative data. Not financial advice.

Quantitative Scores

F-Score

5/9

Neutral

Z-Score

-0.43

Distress Zone

Sharpe

0.10

Positive

Composite

Weak

Price Risk

Momentum

+20.0%

Volatility

140.8%

Max Drawdown

-58.0%

Key Ratios

Fiscal year 2024

-4.60P/E

P/B2.65

P/S0.43

ROE-44.7%

ROA-12.7%

EPS-848.42

BVPS1473.54

Gross Margin-0.3%

Net Margin-9.3%

D/E3.40

Current Ratio0.96

Rev Growth36.0%

Profit Growth-7.6%

EV/EBITDA-9.16

Div Yield0.0%

Company Overview

Issued Shares

7.5M

Charter Capital

75.0B VND

Sector (ICB L2)

Xây dựng và Vật liệu

Industry (ICB L3)

Xây dựng và Vật liệu

Sub-industry

Vật liệu xây dựng & Nội thất

Company Type

// OWNERSHIP_NETWORK

> mapping common ownership for VHH — hover nodes for intel, click to navigate

Shareholders

Tổng công ty Đầu tư Nước và Môi trường Việt Nam

Inst

36.0%

2.2 trieu

Công ty cổ phần Vật liệu Xây dựng - Xây lắp và Kinh doanh nhà Đà Nẵng

Inst

22.0%

1.3 trieu

Lê Thị Minh Nga

Indiv

17.6%

1.3 trieu

Trần Hoàng Anh

Indiv

15.0%

1.1 trieu

nguyen-dinh-chien

Indiv

12.4%

930.000

Ngô Văn Sướng

Indiv

10.4%

624.100

Nguyễn Phi Nga

Indiv

8.1%

604.800

Nguyễn Thị Phi Nga

Indiv

8.0%

600.000

Trần Tiến Dũng

Indiv

7.6%

456.690

Ngân hàng Thương mại Cổ phần Đại chúng Việt Nam

Inst

4.5%

267.531

Công ty Cổ phần PVI

Inst

0.4%

24.837

Đoàn Vũ Tiến

Indiv

0.1%

7.100

Board & Management

Nguyễn Đình Chiến12.4%

Chủ tịch Hội đồng Quản trị

Doãn Tô Hoài

Phó Tổng Giám đốc

Nguyễn Ngọc Bích

Thành viên Hội đồng Quản trị

Võ Phi Hùng

Tổng Giám đốc/Phụ trách Công bố thông tin/Thành viên Hội đồng Quản trị

Nguyễn Thị Lan Dung

Phó Phòng/Kế toán trưởng

Nguyễn Văn Hanh

Thành viên Hội đồng Quản trị

Nguyễn Văn Tưởng

Thành viên Hội đồng Quản trị

Đinh Nho Mạnh

Thành viên Ban kiểm soát

Huỳnh Thị Bích Nhân

Thành viên Ban kiểm soát

Top connections

PRE81.1%VSI60.0%VW354.5%PSI51.2%PWA36.0%TLH19.6%DKC15.9%MHC15.0%MST15.0%DRH15.0%VTS15.0%TEG12.4%

Computed 12/04/2026